Details added (first version posted on 16:19)
Baku, Azerbaijan, Sept. 29
By Elmira Tariverdiyeva - Trend:
The heads of the Caspian littoral states agreed on a political statement, which, for the first time ever, defines the main principles of a five-sided cooperation on the Caspian Sea, Russian President Vladimir Putin said Sept. 29.
He made the remarks at a meeting of heads of states held as part of the Caspian Summit in the Russian city of Astrakhan, Russia24 channel reported.
Putin said the Caspian littoral states' presidents exchanged views in accordance with mutual understanding, taking into account each other's interests.
"The reached agreements meet long-term interests of all parties. I am grateful to our partners for willingness and ability to find the necessary and acceptable compromises," Putin said.
He went on to add that working together the parties can turn the Caspian Sea region into a rapidly growing market.
Putin said the energy sector is an important area of cooperation, adding that the Caspian states hold leading positions in oil and gas production.
"We could more closely coordinate our actions in global hydrocarbons market, including in the matters regarding the pricing and ensuring the global and regional energy security," Putin said.
He said it is needed to actively put to use the competitive advantages of the regional countries, taking into account, first of all, the favorable geographical location.
President Putin said the issues of transport, logistics and economic growth of nations are also important.
The 4th Caspian Summit kicked off in Astrakhan, Russia on Sept. 29, Russian president's official website said.
The summit brought together the heads of all Caspian littoral states - Azerbaijani President Ilham Aliyev, Russian President Vladimir Putin, Iranian President Hassan Rouhani, Kazakh President Nursultan Nazarbayev, and Turkmen President Gurbanguly Berdimuhamedov.
The 'Caspian Five' (Azerbaijan, Russia, Iran, Kazakhstan and Turkmenistan) is meeting to discuss the Caspian Sea's legal status and the military component of the issue of the region's security.